Our economy is suffering from years of neglect by governments that have refused to support our industries, businesses and workers. This wasted potential is holding us all back. Inequality has ballooned as the economy has shifted towards low-paid, insecure jobs.
Britain’s manufacturing base has declined and we have relied too heavily on the financial sector, centred on London and the South East. And while the South East struggles with a rising cost of living crisis, many northern and coastal towns have watched as their economies and communities are left behind. Britain’s failure to get all its regional and local economies working can be seen in the deterioration of the country’s current account, weak productivity growth and underinvestment in infrastructure.
Britain can only be stronger if every nation and region is given the resources and support to succeed. Only a Labour government with a credible industrial strategy can reach this untapped potential and deliver prosperity to every corner of our country, working with devolved administrations.
Our industrial strategy will be built on objective, measurable missions designed to address the great challenges of our times. In meeting these challenges, we will move beyond the narrow approaches of the past, and mobilise the talents and resources of our whole country to deliver an economy fit for the future.
The first missions set by a Labour government will be to:
- ensure that 60 per cent of the energy comes from zero-carbon or renewable sources by 2030
- create an innovation nation with the highest proportion of high- skilled jobs in the Organisation for Economic Co-operation and Development by 2030. We will meet the OECD target of 3 per cent of GDP spent on research and development by 2030.